Back Stories: New York City's Fiscal Crisis

NEW YORK (WCBS 880) – Under Mayor Abraham Beame in the 1970s, New York City fell into a fiscal crisis.

New York City Mayor Abraham Beame on WCBS. (Credit: WCBS Newsradio 880)

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"The joke in Michigan was because of their fiscal crisis, they were going to be foreclosed upon by Ohio and Illinois, and we would go back to having 47 states," former WCBS reporter Walt Wheeler recalls. "New York City's fiscal crisis was far worse than that."